Comment Text:
10-005
COMMENT
CL-02859
PRECIOUS METALS PROCESSING CONSULTANTS, INC.
May 26, 2010
Commodity Futures Trading Commission
Three Lafayette Centre
1155 21 st Street, NW
Washington, DC 20581
Att: Gary Gensler, Chairman
Dear Mr. Gensler,
I am not a professional trader, but I deal with the recovery of precious metals in manufacturing.
I am what would be referred to as a "little guy." Based on my knowledge of industrial usage of
silver and gold, I have dabbled in trading on the Comex. "Dabbled" may not be the right word.
I have lost a fortune relative to my income. It is with this background that I listened carefully to
the CFTC hearings last month, because I always suspected the type of manipulation referred
to by Mr. Murphy.
I have also listened to the conversation of Mr. Andrew McGuire and Adrian Douglas. In light of
this, I believe that you really have not been doing your job. It seems that a fraud has been
perpetrated upon me; and you and your committee have been "investigating" this for 18
months? It seems to me that you and your committee are either incompetent or worse. While
you have been "investigating," I, and many others like me have been plucked and spit out by
the same bunch of greedy, unlawful manipulators that has brought this country to its economic
knees. Where is the fairness? Where is the rule of law?
The truth is coming out now and you and your committee will be compared to the SEC in your
ineffectualness if you continue to just investigate. The fact that Mr. McGuire, who has been
dieing to tell his story was not even invited to testify is telling. I hope this letter is part of a heap
of pressure on you to do the right thing.
I urge you to establish a speculative position limit in COMEX silver of no more than 1000
contracts, that's 5,000,000 ounces! Hedging exemptions have also been much too easy to
obtain for speculative, not legitimate hedging positions. By allowing such concentration of
positions by so very few entities, manipulation of the type that has cost me plenty is able to
continue. The result will be many leaving the market, decreasing liquidity, which is just what
you must want to avoid.
430 Bergen Blvd., Palisades Park, NJ 07650 (201) 944-8053 fax (201) 944-8003
email: [email protected]
COMMENT
CL-02859
PRECIOUS METALS PROCESSING CONSULTANTS, INC.
Thank you for your time.
Sincerely,
Randolph Epner
President
RLE:ps
cc: Scott Garrett, Congressman
5
th
District of NJ
cc: Frank Lautenberg, Senator, NJ
cc: Robert Menendez, Senator, NJ
430 Bergen Blvd., Palisades Park, NJ 07650 (201) 944-8053 fax (201) 944-8003
email: [email protected]
